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Q&A Forum

Creating an Income Statement with only 3 transactions per month

Alexis Huck
Title: bookkeeper
Company: SXT
(bookkeeper at SXT)
A friend of mine is trying to create an income statement for his business. The only income His business has coming in are distributions he receives from his joint venture business accou...
114 Views | 1 Answers/Comments

Do I invoice and journal entry for intercompany transactions?

Kristen W
Title: Controller
Company: Pro Airways
(Controller at Pro Airways)
We have two separate companies that are owned by the same person and work under the same building, currently the Real Estate Management company is invoicing the airline company for Rent...
3379 Views | 1 Answers/Comments

Amazon Seller fees accounting treatment/classification.

What is the accounting treatment, specifically, for Amazon Seller fees? Is it a contra-revenue, part of COGS, or SG&A expense? I've seen different answers during my search but I think t...
64 Views | 0 Answers/Comments

Food Processing

Ravi Ramcharan
Title: CFO
Company: self
(CFO at self)
Hello All, This is my first post here and I must say this is a wonderful and very knowledgeable community! One of my clients buys raw fish and he then prepares fillets. This is do...
3310 Views | 3 Answers/Comments

1099 Software

Title: accounting manager
Company: SaaS
(accounting manager at SaaS)
Looking for recommendations of 1099 software with e-file option. Thanks!
64 Views | 0 Answers/Comments

Accounting for joint development agreements

(Director of Finance)
Our startup entered into a joint development agreement with a large company. The company will pay milestone payments to cover a portion of our R&D expenses. The R&D costs associated wit...
58 Views | 0 Answers/Comments

Should freight-out be considered COGS or Selling Expense?

(Accounting Manager)
Our manufacturing company pays freight-out to logistics providers to ship products from our warehouses to customers. We do not charge freight-out in our customer invoices. From what ...
5967 Views | 4 Answers/Comments

Marketing Campaigns that include some revenue

(V Finance)
Our company will engage in marketing campaigns that may include the sale of our product, the product could be a co-branded product or our regular product sold at a deep discount. The i...
42 Views | 0 Answers/Comments

Please Help Me Calculate PTO for Employees Who Start Midway Through the Accrual Period

Ted Emens
Title: Occupational H&S Coordinator
Company: Snyder Livestock Company, Inc.
(Occupational H&S Coordinator at Snyder Livestock Company, Inc.)
Please help me understand how to accurately calculate PTO for the following scenario: An employee is eligible for: 32 hrs PTO after the 1st year of service 64 hrs of PTO after the ...
44 Views | 0 Answers/Comments

Consolidating financial statement

Leo Wang
Title: Accountant
Company: ICZoom Inc.
(Accountant at ICZoom Inc.)
Hi, Our structure is with a Cayman Island holding company as the parent company. Under it, there are three 100%-owned companies. When I do consolidated financial statement, do I simp...
75 Views | 2 Answers/Comments

Upgrade from Concur Standard to Concur Professional Version

Has anyone had the experience of upgrading from Concur Standard to Concur Professional Version? I am particularly interested in: 1. time and effort in upgrading? 2. benefits on Concu...
54 Views | 0 Answers/Comments

Money Trail

Zulfiqar Ali
Title: Assistant Manager Receivables
Company: General Group
(Assistant Manager Receivables at General Group)
Need help from experts, Can some one tell me how to construct a money trail? What documents I would be needing? If there are articles/books etc anything for reading material, kind...
52 Views | 0 Answers/Comments

Taxes for a drop-shipping business

Eddie Dorrel
Title: Dropshipping
Company: ED1
(Dropshipping at ED1)
Hello, I'm about to open an online drop shipping business, selling gardening products to US citizens. I am not an American myself, and have a registered business in my country. Som...
105 Views | 0 Answers/Comments

How do you calculate the ST vs. LT portion of deferred rent liability when the peak balance is more than one year away?

(Assistant Controller)
We are still under ASC 840 and need to finalize accounting treatment for a new 10 year lease. The peak liability is four years out so the liability is still increasing during the ST pe...
61 Views | 0 Answers/Comments

How can I record in QB the accounting for the following info ?

I have two corps A and B one year old. Because the start up expenses were incurred in A ( Corp B was registered later), the owner 100% shareholder of both, wants to convert the expense...
70 Views | 0 Answers/Comments

Requesting a chart of accounts for Medical Device company

Karen Adams
Title: Owner
Company: KJA Associates, LLC
(Owner at KJA Associates, LLC)
I recently was engaged by a Medical Device company. I have worked with Life Science clients - drug development companies - but not medical device. This client is in the early stages of ...
11516 Views | 5 Answers/Comments

ASC 606 - Revenue from contract with customers

Title: accounting manager
Company: SaaS
(accounting manager at SaaS)
I have a question about the recognition of the upfront set-up fees per new GAAP. My understanding is that those should be spread over the life of a contract. Is that correct? Also, in...
203 Views | 1 Answers/Comments

Sage software - how to expense

(Senior Accountant)
We signed up for 1 year contact at 35k. Monthly expense is 2800/mo. if the vendor is invoicing us quarterly 12k on first two quarters and 3rd and 4th, they will invoice 4600. Dr ...
136 Views | 1 Answers/Comments

Gross Revenue Question

Andrea M
Title: Accounting Clerk
Company: Global Land Surveying LLC
(Accounting Clerk at Global Land Surveying LLC)
I am new to bookkeeping and had a question in regards to what the gross revenue of a company is based on. For instance, is gross revenue based off of what is invoiced for the month or w...
2084 Views | 2 Answers/Comments

How to clear unearned revenue balance

(accounting manager)
How to clear unearned revenue balance that has been carried over for 2 years. A customer signed a contract and paid fees in full in 2016. Half of the invoice amount was earned based on ...
93 Views | 1 Answers/Comments

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